exemption


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Related to exemption: Tax exemption

exemption

n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions which reduce gross income upon which taxes are paid. 2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.

exemption

noun allowance, discharge, exception, freedom, freedom from duty, freedom from liability, freedom from obligation, freedom from reeuirements, freedom from service, immunitas, immunity, liberation, liberty, license, permit, privilege, release, release from liability, release from obligation, special privilege, vacuitas
Associated concepts: exemption from jury service, exemppion from sale, exemption statute, homestead exemption, personal exemption, tax exemption
See also: clause, clemency, condition, condonation, discharge, dispensation, exception, exclusion, excuse, franchise, freedom, grace period, immunity, impunity, leave, liberation, license, permission, privilege, probation, qualification, release, remission, reprieve, reservation, respite, salvo

EXEMPTION. A privilege which dispenses with the general rule; for example, in Pennsylvania, and perhaps in all the other states, clergymen are exempt from serving on juries. Exemptions are generally allowed, not for the benefit of the individual, but for some public advantage.

References in periodicals archive ?
The FBR's spokesman was not immediately in a position to explain the exact quantum of tax exemption that the company availed.
States offering the exemption can be grouped into one of four categories:
Judge Mohammad Bashir inquired if this exemption has been sought for today.
Some of them include the exemption of customs duties on import of coal mining machinery, equipment and spare parts not manufactured locally, for Thar coal field.
If a franchisor determines that its prospective franchisees are likely to meet the criteria for one or more exemptions on a regular basis, it should develop a process for qualifying franchisees and the basis for the exemption.
However, certain exemptions for which no application for renewal was submitted in due time, will expire on July 21, 2016 (shown in Table 1).
2014, the FAA started granting exemptions for certain low-risk commercial UAS applications under Section 333 of the FAA Modernization and Reform Act of 2012.
THE finance ministry said on Wednesday that phasing out tax exemptions would enable the government to reduce the income tax rate and give a " more fair deal" to honest taxpayers.
A year ago, parents who had previously opted for a nonmedical exemption for their children were grandfathered in under the new law, and only parents of unvaccinated or partially vaccinated kindergartners, and homeschooled students transferring to a public school, had to meet one of the new requirement options before claiming a nonmedical exemption.
Justifiably confused by this new development, Debtor Dan objected and insisted that his neighbor, Debtor Debbie, filed for bankruptcy, didn't claim her home as exempt, and was able to claim the wild card exemption.
A complete B2B exemption is the most holder-friendly exemption.
By this date farmers will need to have registered for a new exemption and the show provides an ideal platform for our members to do this.